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Team Finance LLC Announces Fiscal 2008 Financial Results
Date:2/9/2009

KNOXVILLE, Tenn., Feb. 9 /PRNewswire-FirstCall/ -- Team Health Inc.'s parent company, Team Finance LLC ("TeamHealth" or the "Company"), today announced financial results for the fiscal year and the fourth quarter ended December 31, 2008.

Net revenue less provision for uncollectibles ("revenue less provision") for the fiscal year ended December 31, 2008 increased 8.1% to $1.33 billion from $1.23 billion in the prior year. Same contract revenue less provision for the year increased by 4.5% to $1.09 billion from $1.05 billion in 2007. The year over year growth in same contract revenue less provision was primarily due to a 2.3% increase in contract and other revenue and increases in billed patient volume contributed 1.9% of growth. Increases in estimated collections per visit, net of valuation adjustments, contributed the remainder of same contract revenue less provision growth. During 2008, the growth in estimated collections per visit, compared to 2007, was negatively impacted by declines in Medicare reimbursements to emergency physicians and the elimination of the ability to bill certain services in hospital emergency departments. Also, growth in estimated collections per visit was adversely impacted by valuation adjustments recorded during the year primarily associated with self pay and collection agency accounts. New sales, net of contracts that terminated in the period, and acquisitions contributed $45.0 million and $6.8 million of growth between years, respectively.

Net earnings for 2008 were $44.7 million compared to $43.3 million in 2007. Included in the financial results for 2008 and 2007 were reductions of professional liability reserves related to prior years of $34.9 million and $32.1 million, respectively. This reduction was a result of the Company's receipt of revised actuarial loss estimates for these periods during the first and third quarters of each year. The Company also recorded an impai
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